Competition Is for Losers

If you want to create and capture lasting value, look to build a monopoly, writes Peter Thiel

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What valuable company is nobody building? This question is harder than it looks, because your company could create a lot of value without becoming very valuable itself. Creating value isn't enough—you also need to capture some of the value you create.

This means that even very big businesses can be bad businesses. For example, U.S. airline companies serve millions of passengers and create hundreds of billions of dollars of value each year. But in 2012, when the average airfare each way was $178, the airlines made only 37 cents...

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Peter Thiel: Why Monopolies Are a Good Thing
Monopolies are a good thing for society, venture capitalist Peter Thiel argues in an essay on WSJ. The PayPal co-founder joins Sara Murray to discuss his business philosophy, his take on Apple Pay, and what's a deal breaker in pitch meetings.

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#####EOF##### Build an Iranian Sanctions Wall - WSJ

Build an Iranian Sanctions Wall

Some Democrats promise to return to the Obama deal. Trump can stop them by taking action now.

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Democrats are talking about re-entering the 2015 Iran nuclear deal if they defeat President Trump next year. At least three challengers—Sens. Bernie Sanders, Kamala Harris and Elizabeth Warren say they’ll do so, and the Democratic National Committee passed a resolution in February calling for a return to the agreement.

But the deal, known as the Joint Comprehensive Plan of Action, is about to get sweeter for Tehran. Key restrictions on Iran’s nuclear and missile programs and access to heavy weaponry begin to lapse in 2020,...

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#####EOF##### Many Comments Critical of ‘Fiduciary’ Rule Are Fake - WSJ

Many Comments Critical of ‘Fiduciary’ Rule Are Fake

Wall Street Journal analysis shows 40% of respondents didn’t write the posts that were attributed to them

On federal government web sites, public comments can influence the outcome of regulations affecting millions of people. A WSJ investigation has identified and analyzed thousands of fraudulent posts on issues such as FCC net neutrality rules and payday lending. Video/illustration: Heather Seidel/WSJ.
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A significant number of fake comments appear among thousands criticizing a proposed federal rule meant to prevent conflicts of interest in retirement advice, according to a Wall Street Journal analysis.

At issue is the Labor Department’s “fiduciary rule,” which would require investment advisers handling retirement accounts to act in the best interest of clients. Written during the Obama administration, the proposed rule won’t be fully implemented until July 2019, and the Labor Department is still gathering feedback about it...

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#####EOF##### A Rebuke for Turkey’s Strongman - WSJ

A Rebuke for Turkey’s Strongman

Erdogan’s party suffers its worst setback since it came to power in 2002.

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After President Recep Tayyip Erdoğan easily won re-election amid a currency and debt crisis last year, it seemed nothing could loosen his grip on Turkish politics. The results of Sunday’s local elections are welcome evidence that the strongman isn’t invincible.

Mr. Erdoğan’s Justice and Development Party (AKP) received perhaps its biggest rebuke since coming to power in 2002. Preliminary results show AKP controlling 39 of Turkey’s 81 provinces, down from 48. More significant, the opposition Republican People’s Party (CHP)...

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